By Dave Sims, Commodity News Service Canada
WINNIPEG, March 3 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CST, as the market continued to correct itself after Wednesday’s gains.
“The 17-and-a-half dollar trading range yesterday was unbelievable and I’m not completely shocked that we’re giving some of that back,” said a Winnipeg-based trader.
The Canadian dollar was higher in relation to its US counterpart which made canola less attractive from an international buyers’ point of view.
US soybeans and European rapeseed futures were lower which contributed to the losses.
However, soyoil futures on the Chicago Board of Trade were higher which helped to mitigate the losses.
Crude oil was also higher which lent some support to values.
Commercial demand remains steady.
About 11,000 canola contracts had traded as of 10:45 CST.
Milling wheat and durum were untraded and unchanged while barley was holding steady with 25 contracts traded.
Prices in Canadian dollars per metric ton at 10:45 CST:
